Tezos price prediction showcases the decline of XTZ crypto through an interesting pattern over the daily time frame chart. XTZ crypto has been slipping inside the descending triangle pattern since July 2023 and is currently in a crucial make-or-break situation. Now XTZ cryptocurrency needs to accumulate buyers in order to surge out of the declining pattern. However, sellers are currently overpowering the situation to pull Tezos crypto price.
Tezos cryptocurrency needs to attract buyers intraday to surge towards the upper trendline of the descending triangle pattern. Meanwhile, XTZ crypto price started slipping from the $0.92463472 level till the current level.
Tezos price was at $0.68547000 and has lost 1.17% of its market capitalization during the day’s trading session. Trading volume fell by around 1.16% intraday. This demonstrates that sellers are currently present in the trade for a pullback. Volume to market cap ratio was at 1.79%.
Will Tezos Price Register Its Breakout?
Tezos price prediction showcases the struggle of XTZ crypto at the verge of descending triangle pattern. XTZ crypto is yet to break out from the pattern; it failed to sustain at the negative sloping line. However, volume change is below average and needs to grow intraday. Meanwhile, XTZ crypto is trading below 20, 50, 100 and 200-days moving averages.
Tezos cryptocurrency has faced challenges in its quest for growth since the beginning of the year. Over the course of the past week, the price of Tezos has dipped by approximately 4.25%. Last month, it experienced a more significant decline of about 13.44%. Extending the timeframe to the last three months, XTZ crypto chart shows a notable slump of around 18.62%. Within the last six months, its value dropped by a substantial 32.31%.
Year to date, XTZ crypto slipped by approximately 4.33% suggesting that Tezos has faced persistent struggles and challenges in terms of price growth throughout the year.
Technical indicators suggest the fall of Tezos cryptocurrency. Relative strength index and moving average convergence divergence both confirm the decline of XTZ crypto.
RSI was at 38 and is heading towards the oversold territory. The MACD line is moving towards the signal line for a negative crossover. Investors in Tezos cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
Tezos price prediction lays emphasis on the decline of XTZ crypto through an interesting pattern over the daily time frame chart. XTZ crypto failed to sustain at the negative sloping line. Tezos cryptocurrency is facing challenges in its quest for growth since the beginning of the year. Technical indicators signal a fall in the Tezos cryptocurrency chart.
Technical Levels
Support Levels: $0.68028411 and $0.66929170
Resistance Levels: $0.70730252 and $0.73324019
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/07/tezos-price-prediction-will-xtz-make-or-break-from-this-pattern/